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The Benefits of an S Corporation for Physicians

WEBPass-through entity. Reduces the self-employment taxes subject to reasonable compensation. Eligible for 20% qualified business income deduction. Can …

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Mastering Tax Brackets: A Physician’s Guide to Maximizing Wealth

WEBOnly the dollars that land in your highest bracket are taxed at that rate. So let’s break it down. Imagine you’re in the 35% tax bracket; that doesn’t mean you’re …

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Financial Health for Physicians: The Benefits of Accounting for

WEBFrom accurate bookkeeping and financial reporting to strategic budgeting financial health for physicians start with good accounting

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Tax-Free Fringe Benefits: How to Make the Most of a C Corporation

WEBThe tax-free contributions to each of these are limited to $5,250 for a single filer and $10,600 for a family. Group-term life insurance coverage is also a healthcare …

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Tips for Choosing a Retirement Plan for Self-Employed Doctors

WEBTypes of retirement plans for self-employed doctors. Let’s walk through plans to choose from if your contribution budget is under $100,000 per year. First, if …

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Physicians: How Can You Create a Tax-Free Retirement

WEBKey takeaways. The 2020 election may affect taxes; See an overview of tax rates: past, present, and future; Learn individual tax strategies to create a tax-free …

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The Pros and Cons of Being a 1099 Contractor vs. a W-2 Employee

WEBA W-2 form is a legal document used for income verification and tax purposes. It includes information about the W-2 income an employee has earned while …

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Guide to Itemized Deductions: Your Better Tax Plan

WEBItemized Deductions serve as a crucial tool in navigating the complexities of modern tax obligations, especially for high-income professionals like yourself. Amidst the …

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Retirement Planning for Individuals

WEBRetirement Planning for Individuals. February 15, 2023. In 2022, it was found that 49% of people between the ages of 49 and 56 were not prepared for …

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Tax-Saving Strategies for Physicians with Multiple Income Streams

WEBIn the ever-evolving healthcare industry, physicians are increasingly diversifying their income streams for greater financial stability and to expand their …

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An Overview of the Home Office Deduction for Doctors

WEBA home is any property that provides basic living amenities and lodging. This could be a house, apartment, condo, mobile home, boat, barn, studio, unattached garage, and …

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Tax Planning 101: Business Deductions for Doctors

WEBTax Planning for Doctors. Deductions are an important part of tax planning and running a business for doctors. Tax deductions reduce the amount of income that is …

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How to Maximize the QBI Deduction as a Physician

WEBThat’s over $97,000 in deductions. 6. Fund your retirement plan. With the same income and tax situation, let’s look at a retirement plan strategy. Say you open a …

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Coronavirus Tax Relief for Health Care Providers

WEBTax Changes for Physicians – COVID-19 May 12, 2020. Posted in Webinar and tagged $2.2 Trillion Coronavirus Stimulus Package, Cares Act, Coronavirus Relief, Coronavirus …

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How Inflation Affects Your Taxes

WEBThe Child Tax Credit — Right now, the Child Tax Credit of $2,000 is not adjusted for inflation. However, the refundable portion of it is. It has increased by $100 to …

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Doctors save on taxes Archives

WEBEven though physicians typically fall into a higher income bracket than many other occupations, not all physicians experience financial security.

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CARES Act – How It Impacts You and Your Business

WEBThe long-awaited Stimulus Bill known as The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law today by President Trump. This …

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